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Combined Heat and Power Partnership

AlabamaSAVES Revolving Loan Program

dCHPP Glossary (PDF) (2 pp, 53K)

Date Last Updated6/6/2013
Incentive TypeLoan
State/FederalAL
Incentive Administrator/Contact OfficeAlabama Dept. of Economic and Community Affairs
Incentive Initiation Date12/10/2010
Incentive Size and Funding SourceLoan program provides direct monetary subsidies for retrofitting existing facilities in Alabama. The program was initially funded through the American Recovery and Reinvestment Act and has has a budget of $50 million. The maximum loan is $4,000,000. The minimum loan amount is $50,000. The interest rate is 1% and the loan length is a maximum of 10 years. Closing costs are 1.75% of loan origination fee.
Eligible RecipientProgram subsidies are available to all private companies (i) with a place of business in Alabama that are duly organized and/or qualified to do business in the state and (ii) that own and/or operate one or more existing commercial, industrial or institutional facilities in the state.
Eligible FuelDoes Not Specify
Eligible Project Size (MW)Does Not Specify
Minimum Efficiency Required (%)Does Not Specify
Other Selected Eligibility CriteriaSubsidized loan funds may be used to purchase and install equipment for renewable energy systems and energy efficient fixtures and retrofits installed on property owned and/or operated by an eligible business. Eligible renewable energy systems may employ solar, biomass, biofuels, geothermal, micro-hydroelectric, methane capture and use or fuel cell technologies. Eligible energy efficient fixtures and retrofits may include mechanical systems and components including HVAC and hot water, electrical systems and components including lighting and energy management systems, doors and windows, insulation, refrigeration and CHP. Subsidized funding from the program is for retrofits of existing properties and NOT for new construction of buildings and factories.
Application Form(s)Application Documents
Other Incentive DetailsIn order to apply, interested parties must first have an energy audit completed by an approved vendor. A list of approved vendors is available on the program website. The loan approval process takes 30-45 days. The application fee is $500 for projects less than $250,000; $1,000 for projects over $250,000. There is a program origination fee of 3% for direct loans and 1.75% for subsidized loans, and reasonable and customary costs from a participating lender partner.

The program operates as a revolving loan program where the fund is replenished by interest and principal repayments made on prior loans and as a loan subsidy program enabling low cost loans from private lenders through credit enhancements - interest rate buydowns and loan loss reserves.
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